Crypto Billionaire Wu Jihan said recent regulatory pressure has been “very beneficial” for the industry. Wu said that regulatory investigations will strengthen the reputation and eliminate the bad weeds.
Regulatory problems have a massive impact on price of cryptocurrency and can cause volitility. In the long term, cryptocurrencies are “good for the industry.”
Crypto billionaire Jihan Wu said in an interview with CNBC on Tuesday that the recent government investigation into cryptocurrencies was “very good” for the sector.
It is growing as an industry with a market cap of nearly $ 1 trillion, and over 10% of US citizens are already using cryptocurrencies.
In April, Federal Reserve Powell has named crypto as “a vehicle for speculation.” Meanwhile, restrictions on cryptocurrency in China have been in effect since at least 2017, but they have increased this year.
In short regulatory restrictions can make bitcoin adoption faster rather than slower .It is bound to happen, sooner than later may be a good thing.
